Glossary of Real Estate Terms

There are 125 entries in this glossary.
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R

Term Definition
Rate Lock

This is a commitment which is issued by a lender to a borrower or other mortgage originator guaranteeing a specified interest rate for a particular period of time at a specific cost.

Real Property

Real property means land and appurtenances, as well as anything of a stable nature such as structures, trees, minerals, and the interest, benefits, and inherent rights etc

Recorder

The public official who keeps the records of transactions which affects the real property in the area are known as Recorder. This is also known as a "Registrar of Deeds" or "County Clerk."

Recording

Recording means filing documents which affects the real property as a matter of public record, giving notice to future purchasers, creditors, or other interested parties. This is controlled by statute and usually requires the witnessing and notarizing of an instrument to be recorded.

Recourse

This means the right of a lender, in the event of default by the borrower, to recover against the personal property of a party who is secondarily liable for the debt.

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